While below market expectations, the expansion in July is in line with Poles’ increased consumer spending that is driven by the good situation on the labour market, low unemployment and growing wages in particular.
The July growth follows a decline in June – the first in three years – that was due to fewer working days and surging temperatures. The July data suggest “stable GDP growth in the third quarter,” according to ING.
The number of Polish e-shops increased by 2,800 in the 1H19, to a new record high, mostly due to changes in how Poles shop, according to a study by Bisnode.
Eastern expansion continues after Primark opened its first CEE store in Ljubljana in June.
GDP growth figures from the second quarter of this year were down on the first quarter but showed that growth was still being supported in Central and Eastern Europe by domestic demand that has gone some way to offsetting an EU slowdown.
Companies such as Ziaja, Bielenda, Bell, Paese and Verona have successfully entered the Chinese market through the international e-commerce platforms AliExpress and Tmall.
August was the sixth month in a row in which price growth accelerated in Poland, exceeding the 2.5% target of the National Bank of Poland for a second month straight.